Bandwidth Management

Dear All:

I have 3Mbps internet connection. I want to give 2Mbps for the Hotspot allocation and its client should have at least 245Kbps each.
How to achieve this?

Also, I’m confuse of the terms used. I hope the rate is much descriptive. Something like this: bps, Kbps, Mbps, KBps, MBps and the likes. I think its more readable for this end-users.